\  [Senate — Secret.] 

^^.MEISTDMEISrTS 

Proposed  by   the   CoitrmiU^oti  Finahc^.  to  the  bill,  (11.  R.  92,)  to 
tax,  fund  and  limit  the  currency. 

i.   Strike  out  after  the  enacting  clause  sections  one,  two,  three,  four, 

five,  six  and  seven,  and  insort  as  follows : 

I         Section*  I .  That  upon  all  non-interest  bearing  treasury  notes 

3     of  and   above   T,he   denomination  of  five  dollars,  and    upon   the 

3  principal  sum  of  all  call  certificates  outstanding  on  the  1st  day 

4  of  April,  1864.  there  shall  be  levietl  and  collected  a  tax  of  sixty- 
.")  =»ix  and  two-thirds  cents  for. every  dollar  promised  on  the  face  of 
fi     said  notes  and  call  certificates;  said  tax  shall  attach  to  said  notes 

7  and  call  certificares  wherever  circulated,  and  shall  be  collected  by 

5  a  deduction  at  the  Treasury  and  its  depositories,  and  by  the  tax 
!)     collectors,  from  all   such  notes  and   call  certificates   whenever 

10  presented  for  payment,  or  for  funding,  or  in  payment  for  public 

1 1  dues  :  Frovidcd,  That  after  the  1st  day  of  April,  186  I,  the  interest. 

1 2  shall  be  allowed  from  that  date  on  one  third   only  of  the  amount 

13  specified  on  the  ficc  of  e^aid  rail  certificates. 

\  Sec.  2.    That  all  payments  by  the  Government  r.ftcr  the  1st 

2  day  of  April,  1864,  shall  be  made  in  the  new  notes  hereinafter 

8  authorized  to  be  issuetl  :  Providid,  however.  That  in  liquidatioa 
4  of  all  contracts  with  the  Government  made  between  the  lat  day 


2 

5  of  January,  1863,  and  the  date  of  the  passage  of  this  act,  and 

6  to  be  executed  in  the  Confederate  States,  except  public  pecuriticR, 

7  payments  in  the  new  iFPue  of  treasury  notes  shall  be  made  at  the 

8  rate  of  one  dollar  of  said  new  issue  for  three  dollars  due  under 

0  said  contracts:    Prmnded  further ^  That  the  interest  on  all  public 

10  securities,  the   pay  of  officers  of  the   army   and   navy,  and   of 

1 1  soldiers  and  seamen,  and  the  salaries  and  compensation  of  all 

1 2  officers  and  employees  of  the  Government  in  all  its  departments 

13  shall  be  paid  in  the  new   issue  of  treasury  notes  at  par:    And 

14  provided  further.  That  the  tax  laid  for  the  year,   1863,  shall  be 

15  payable  in  treasury  notes  of  the  old  issue  sit  par,  and  without 

16  deduction. 

1  Sec.  3.  That  from  and  after  the  passage  of  this  act,  and  until 

2  the  let  of  April,  1864,  treasury  notes  of  the  old  issue  shall  be 

3  fundable  in  bonds  under  existing  laws  only  at  the  rate  of  one 

4  dollar  in  bonds  for  three  dollars  in  treasury  notes ;    and  on  and 

5  after  that  time  they  shall  be  so  funded  according  to  their  nominal 

6  value,  with  the  deduction  of  the  tax  hereby  imposed. 

1  Sec.  4.    That  said  non-interest  bearing  treasury  notes  of  the 

2  old  issue,  when  collected  in  payment  of  public  dues,  or  by  the 

3  sale  of  bonds,  or  by  funding,  shall  not  be  re-issued ;  but,  instead 

4  thereof,  the  Secretary  of  the  Treasury  shall  issue  one-third  of 

5  the  amount  thereof  in  new  notes,  payable  two  years  after  the 
Q  ri^tifipfttioDi  of  R  treaty  of  peace  with  the  United  StRtes?  Rnd 


T  receivable  iu  payment  of  all  public  dues,  except  export  duties,     -^3  5 

8  and  any  tax  declared  by  law  payable  in  specie. 

1  Siic.    o.    That   all    holders    of    treasury   notes    bearing    nv 

2  interest,  and  issued  prior  to  1st  day  of  April,  1864,  shall,  on  and 

3  after  that  data,  i.-e  entitled    to  exchange  the  same  for  the  ne•v^ 

4  issue,    at    their   num'nal    value,   deducting   therefrom    the   tax 
.5  imposed  by  this  act. 

1  Sec.  -tt.  That  all  certificates  not  reconverted  into  notes  prior  to 

ij  April  I,  1864,  shall  thereafter  be  paid  in  notes  of  the  new  issue, 

a  deducting  from  the  principal  sum  on  the  face  of  such  certificates 

4  the  tax  imposed  by  the  first  section  of  this  act.     That  all  treasury 

5  notes  of  the  old  issue,  bearing  no  interest  and  outstanding  on 

6  1st  April,  1864,  under  regulations  to  be  prescribed  by  the  Sec- 

7  retary  of  the  Treasury,  may  be  converted  into  call  certificates,  at 

8  their  nominal  value,  deducting  therefrom  the  tax  imposed  thereon 

9  by  this  act,  which  certificates  shall  be  leconvertible  into  notes  of 

10  the  new  issue,  dollar  for  dollar,  and  bear  interest  at  the  rate  ot 

1 1  three  per  cent,  per  annum,  and  the  new  issue  of  treasury  notes 

12  may  be  converted  at  par  into  call  certificates,  bearing  interest  at 

13  the  rate  of  three  per  cent,  per  annum,  under  regulations  to  be 

14  prescribed  by  the  Secretary  of  the  Treasury. 

1  Sec.  7.  That  treasury  notes  of  the  old  issue,  bearing  no  inter- 

2  est  when  received  by  the  Government,  shall  not  be  reissued,  nor 

3  shall  any  new  notes,  in  lieu  of  such  old  notes  received  as  afore- 


4 

4  said,  be  issued,  unless  the  total  amount  outstanding  of  new  notes, 

5  and  of  old  notes  not  bearing  interest,  valued  at  the  rate  of  three 
G  dollars  of  the  old  for  one   of  the  new  issue,  and  of  call  certifi- 

7  Gates,  shall  be  less  than  two  hundred  millions  of  dollars  ;  in  that 

8  event,  so  naany  new  notes  may  be  issued  as  to  raise  the  amount 

9  above  described  to  two  hundred  millions  of  dollars,  but  to  no 

10  greater  sum :  Provided,  That  nothing  herein  contained  shall  be 

1 1  construed  to  prevent  the  exchange  of  new  for  old  uotes,  as  pro- 

12  vided  for  in  the  fifch  section  of  this  act. 

1  Sec.  8.  That  treasury  notes  heretofore  issued,  bearing  interest 

2  at  the  rate  of  seven  dollars  and  thirty  cents  on  the  hundred  dol- 

3  lars  per  annum,  shall  no  longer  be  receivable  in  payment  of  the 

4  public  dues,  but  shall  be  deemed  and  considered  bonds  of  the 

5  Confederate  States,  payable  two  years  after  the  ratification  of  a 

6  treaty  of  peace  with  the  United  States,  bearing  the  rate  of  inter- 

7  est  specified  on  their  face,  payable  on  the  first  of  January  of  each 

8  and  every  year. 

1  Sec  9.  That  the  Secretary  of  the  Treasury  be,  and  he  is  hereby 

2  anthorized,  in  case  the  exigencies  of  the  Government  should  re- 

3  quire  it,  to  pay  the  demand  of  any  public  creditor,  willing  to 

4  receive  the  same,  in  a  certificate  of  indebtedness,  to  be  issued  by 
'  him,  payable  two  years  after  the  ratification  of  a  treaty  of  peace 
'  with  the  United  States,  bearing  interest  at  the  rate  of  six  per 
?  cent,  per  annum,  payable  semi-annually,  and  transferrable  only 


5 

8  by  special  endorsement,  un  ler  regulations  to  be  prescribed  by  the 

y  isecretax'y  of  the  Treasury. 
II.  Strike  out  section  eight,  and  insert  as  follows  : 

1  To  defray  the  expenses  of  the  Government  not  otherwise  pro- 

2  vided  for,  the  Secretary  of  the  Treasury  is  hereby  authorized  to 

3  issue  six  per  cent,  bonds,  to  an  amount  not  exceeding  iivo  hun- 

4  dred  millions  of  dollars,  the  principal  and  interest  whereof  shall 
o  be  free  from  taxation  during  the  war,  and  for  the  payment  of  th^ 
G  interest  thereon  the  entire  nett  receipts  of  any  export  duty  here- 
7  after  laid  on  the  value  of  all  cotton,  tobacco,  and  naval  stores, 
a  which  shall  be  exported  from  the  Confederate  States,  and  the  nett 
y  proceeds  of  the  import  duties  now  laid,  or  so  much  thereof  as 

U)  may  be  necessary  to  pay  annually  the  interest,  are  hereby  spe- 

1 1  cially  pledged :  Fiovided,  That  the  duties  now  laid  upon  imports 

12  and  hereby  pledged,  shall  hereafter  be  paid  in  specie  or  in  ster- 

13  ling  exchange,  or  in  the  coupons  attached  to  said  bonds  as  they 

14  become  due,  or  in  treasury  notes  at  their  market  value  in  specie  : 

15  Frovidedy  That  during  the  war  the  coupons  on  said  bonds  may  be 

1()  received  in  payment  of  said  import  duties  six  months  in  advance 

17  of  the  maturity  of  said  coupons  :  And  provided,  further,  That  the 

18  said  duties  on  imports  shall  be  payable  in  treasury  notes  of  the 

19  new  issue,  at  par,  or  in  treasury  notes  of  the  old  issue,  notbear- 

20  ing  interest,  at  the  rate  of  three  dollars  for  one,  until  the  Secre- 


6 

21  tary  of  the  Treasury  shall  publish  that  fifteen  millious  of  said 

22  bonds  have  been  sold. 

III.  Strike  oui  after  the  word  '"  date,"'  in  line  ten,  section  ten,  the 
residue  of  said  section. 

lY.  Strike  out  section  eleven. 

V.  In  line  one  of  section  fourteen,  after  the  word  *'  notes,"  insert 
the  words  **  from  and  after  April  1,  in  the  year  1864." 


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